MIRA
INFORM REPORT
|
Report Date : |
15.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
CYBERSYS INFOTECH LIMITED |
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Registered Office : |
17 – A / 41, W.E.A., Karol Bagh, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.03.2000 |
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Com. Reg. No.: |
55 - 104642 |
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CIN No.: [Company
Identification No.] |
U99999DL2000PLC104642 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELC04834E |
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PAN No.: [Permanent
Account No.] |
AABCC3734B |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Importers, Exporters, Manufacturers, Distributors, Traders, Dealers and
Designers in all types / kinds of computers, computer software development,
computer hardware, data entries, software implementation, computer
peripherals, integrated circuits, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD 160000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. Company’s profitability is under severe
pressure. It has some accumulated
losses. Payments are reported as slow but correct. The company can be considered normal for small business dealings at
usual trade terms and conditions, with slight caution initially. |
LOCATIONS
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Registered Office : |
17 – A / 41, W.E.A., Karol Bagh, |
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E-Mail : |
kanwarvineet@cybersysinfotech.com |
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Website : |
http://www.cybersysinfotech.com |
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Factory : |
243 Udyog Vihar, Phase-IV, Gurgaon - 122 015, |
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Tel. No.: |
91-124-234 8880 |
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Fax No.: |
91-124-239 8760 |
DIRECTORS
|
Name : |
Mr. Rahul Jain |
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Designation : |
Whole Time Director |
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Address : |
H – 29, |
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Date of Birth/Age : |
02.06.1972 |
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Date of Appointment : |
04.04.2000 |
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Name : |
Mr. Vineet Kanwar |
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Designation : |
Whole Time Director |
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Address : |
B – 701, |
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Date of Birth/Age : |
08.01.1968 |
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Date of Appointment : |
16.10.2000 |
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Name : |
Mr. Atul Jain |
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Designation : |
Managing Director |
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Address : |
H – 27, Sainik |
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Date of Birth/Age : |
11.12.1967 |
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Date of Appointment : |
12.03.2001 |
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Name : |
Mr. Surinder Kumar Kanwar |
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Designation : |
Director |
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Address : |
Flat No. 3C, 3rd Floor, |
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Date of Birth/Age : |
22.05.1940 |
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Date of Appointment : |
11.11.2002 |
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Name : |
Mr. Gurnish Singh Chhabra |
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Designation : |
Director |
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Address : |
N -14, |
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Date of Birth/Age : |
12.11.1968 |
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Date of Appointment : |
07.05.2003 |
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Name : |
Mr. Jitendra Sharma |
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Designation : |
Director |
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Address : |
1 – 847A, Palam Vihar, Gurgaon – 122015, Haryana |
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Date of Birth/Age : |
16.07.1975 |
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Date of Appointment : |
07.05.2003 |
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PAN No. : |
00634321 |
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Name : |
Mr. J. K. Jain |
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Designation : |
Director |
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Address : |
H – 27, Sainik |
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Date of Birth/Age : |
11.09.1944 |
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Date of Appointment : |
28.02.2005 |
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Name : |
Mr. Harish Parmar |
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Designation : |
Director |
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Address : |
32, |
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Date of Birth/Age : |
14.12.1954 |
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Date of Appointment : |
01.10.2004 |
KEY EXECUTIVES
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Name : |
Mr. Saran Kumar |
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Designation : |
Secretary |
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Address : |
WA – 162, IIIrd Floor, Ganesh Nagar – II, Shakarpur, |
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Date of Birth/Age : |
10.11.1957 |
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Date of Appointment : |
04.05.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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Mr. J. K. Jain |
|
2000 |
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Mr. Ashok Surana |
|
100 |
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Mr. Atul Jain |
|
65000 |
|
Mr. Rahul Jain |
|
856150 |
|
Ms. Veena Jain |
|
1077000 |
|
J K Jain [HUF] |
|
120000 |
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Ms. Shilpi Jain |
|
31600 |
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Ms. Monika Jain |
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61000 |
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Mr. Vikas Kanwar |
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1000 |
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Mr. Vineet Kanwar |
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1000 |
|
Vikavin Computer Private Limited |
|
971000 |
|
VRV Foods Limited |
|
425000 |
|
Delhi Liquors Limited |
|
50000 |
|
Mr. Suraj Gupta |
|
60000 |
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Mr. Vikas Gupta |
|
50000 |
|
Mr. Kapil Brigmohan |
|
10000 |
|
Ashok Kumar Jain [HUF] |
|
50000 |
|
M L Jain [HUF] |
|
227200 |
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Mr. Madan Lal Jain |
|
265200 |
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Mr. Vineet Jain |
|
75800 |
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Mr. |
|
132500 |
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Ms. Shital Kumar Jain |
|
274500 |
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Shital Kumar Jain [HUF] |
|
142150 |
|
J K Jain & Sons [HUF] |
|
40000 |
|
Apex Covantage LLC |
|
1496000 |
|
Allianz Securities Limited |
|
380000 |
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Mr. Rajinder Kumar Surana |
|
100 |
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Mr. Shyam Sunder Budhia |
|
100 |
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Mr. Vijay Kala Surana |
|
100 |
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Mr. Vinod Kumar Bangla |
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100 |
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Ms. Santosh Devi Fogla |
|
100 |
|
Shreelal Sarwan Kumar [HUF] |
|
100 |
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Shree Kishan Sharma |
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100 |
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Mr. Praveen Kumar Jain |
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100 |
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Ms. Aruna Goel |
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85000 |
|
M V Marketing Private Limited |
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100000 |
|
First Hifin Limited |
|
150000 |
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Surya Udyog Limited |
|
50000 |
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F N S Consultancy Private Limited |
|
50000 |
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Everneed Holdings & Estates Private Limited |
|
150000 |
As on 31.03.2006
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Names of Shareholders |
|
Percentage of
Shares |
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Foreign Holdings [Foreign Institutional Investors, Foreign Companies,
Foreign Financial Institutions, Non – Resident Indians or Overseas Corporate Bodies |
|
20.00 |
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Bodies Corporate |
|
31.76 |
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Directors or relatives of directors |
|
21.53 |
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Others |
|
26.71 |
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TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importers, Exporters, Manufacturers, Distributors, Traders, Dealers
and Designers in all types / kinds of computers, computer software
development, computer hardware, data entries, software implementation,
computer peripherals, integrated circuits, etc. |
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Products : |
Information Technology Enabled Services [Contact Centre] |
GENERAL INFORMATION
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No. of Employees : |
Around 150 |
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Bankers : |
Andhra Bank ICICI Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rohit Malik & Associates Chartered Accountants |
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Address : |
54, |
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PAN No.: |
AADFR7622 |
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Associates : |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7500000 |
Equity Shares |
Rs. 10/- each |
Rs. 75.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
75.000 |
75.000 |
74.798 |
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2] Share Application Money |
10.215 |
18.265 |
20.965 |
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3] Reserves & Surplus |
3.575 |
3.575 |
3.575 |
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4] (Accumulated Losses) |
[47.362] |
[56.894] |
[57.908] |
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NETWORTH |
41.428 |
39.946 |
41.430 |
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LOAN FUNDS |
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1] Secured Loans |
6.124 |
34.264 |
56.434 |
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2] Unsecured Loans |
47.636 |
37.006 |
17.232 |
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TOTAL BORROWING |
53.760 |
71.270 |
73.666 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
95.188 |
111.216 |
115.096 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
75.038 |
75.733 |
78.831 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.072 |
0.157 |
0.000 |
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Sundry Debtors |
27.700 |
40.386 |
41.867 |
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Cash & Bank Balances |
0.254 |
0.358 |
0.827 |
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Other Current Assets |
0.308 |
0.146 |
0.565 |
|
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Loans & Advances |
5.728 |
4.647 |
7.686 |
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Total
Current Assets |
34.062 |
45.694 |
50.945 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
13.239 |
10.421 |
14.999 |
|
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Provisions |
0.803 |
0.162 |
0.164 |
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Total
Current Liabilities |
14.042 |
10.583 |
15.163 |
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Net Current Assets |
20.020 |
35.111 |
35.782 |
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MISCELLANEOUS EXPENSES |
0.130 |
0.372 |
0.483 |
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TOTAL |
95.188 |
111.216 |
115.096 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
0.000 |
85.613 |
75.946 |
|
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Other Income |
96.749 |
0.010 |
0.286 |
|
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Total Income |
96.749 |
85.623 |
76.232 |
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|
|
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Profit/(Loss) Before Tax |
10.202 |
0.985 |
[11.065] |
|
|
Provision for Taxation |
0.669 |
0.028 |
0.000 |
|
|
Profit/(Loss) After Tax |
9.533 |
0.957 |
[11.065] |
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|
|
|
|
|
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Earnings in Foreign Currency : |
|
|
|
|
|
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Export Earnings |
N.A. |
85.174 |
75.946 |
|
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Commission Earnings |
N.A. |
0.000 |
0.000 |
|
|
Other Earnings |
N.A. |
0.000 |
0.000 |
|
Total Earnings |
N.A. |
85.174 |
75.946 |
|
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|
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Imports : |
|
|
|
|
|
|
Raw Materials |
N.A. |
0.000 |
0.000 |
|
|
Stores & Spares |
N.A. |
0.000 |
0.000 |
|
|
Capital Goods |
N.A. |
3.153 |
0.242 |
|
|
Others |
N.A. |
0.000 |
0.000 |
|
Total Imports |
N.A. |
3.153 |
0.242 |
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Operating Expenses |
0.000 |
0.000 |
27.403 |
|
|
Financial Expenses |
0.000 |
0.000 |
8.012 |
|
|
Administrative Expenses |
0.000 |
0.000 |
5.351 |
|
|
Selling & Distribution Expenses |
0.000 |
0.000 |
0.629 |
|
|
Salaries, Wages, Bonus, etc. |
42.828 |
38.886 |
37.314 |
|
|
Managerial Remuneration |
0.807 |
0.526 |
1.542 |
|
|
Payment to Auditors |
0.057 |
0.056 |
0.000 |
|
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Interest |
7.276 |
8.916 |
0.000 |
|
|
Insurance Expenses |
0.119 |
0.153 |
0.000 |
|
|
Power & Fuel |
4.923 |
4.026 |
0.000 |
|
|
Depreciation & Amortization |
6.690 |
6.724 |
6.758 |
|
|
Other Expenditure |
4.965 |
5.897 |
0.286 |
|
Total Expenditure |
67.665 |
65.184 |
87.295 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
9.85
|
1.11 |
[14.51] |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
10.54
|
1.15 |
[14.51] |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.35
|
0.81 |
[11.77] |
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Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.02 |
[0.26] |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.63
|
2.04 |
2.14 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.42
|
4.31 |
3.35 |
LOCAL AGENCY FURTHER INFORMATION
Subject was originally incorporated as ‘Cybersys Infotech Private
Limited’ on 23rd March, 2000.
It was converted into Public Limited Liability Company w.e.f. 2nd
December, 2000.
Fixed Assets
Building, Furniture & Fixtures, Plant
& Machinery, Data & Telecom Equipment, Electric Installation, Office
Equipment, Vehicles, etc.
Contingent Liabilities :
a. Bills, Cheques and Draft discounted : - Nil
b. Bank Guarantee given and letter of credit
established by bank on behalf of the company
[i] Foreign letter of credit amounting to US $
10000/- [Equivalent INR 0.480 millions from Andhra Bank Limited for the purpose
of PSTN Lines in the
c. Claims [excluding claims by the employees]
against the company not acknowledged as debts : Nil
|
Name of the company |
CYBERSYS
INFOTECH LIMITED |
|
Presented By |
ANDHRA BANK,
GREEN PARK BRANCH, |
|
1) Date and description of instrument creating the change |
Charge created on 25.07.2001 and registered on 11.09.2001. Previously
modified on 03.12.2002 for limit stands enhanced from Rs. 56.500 millios to
Rs. 66.500 millions and modification registered on 02.01.2003 and finally
modified on 17.03.2004 for aggregoing limit stands enhanced from Rs. 6.650
millions to Rs. 66.621 millions modification registered on 13.04.2004 |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 56.500 millions |
|
3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
The whole of fitted assets, moveable assets equipment hardware,
software |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Rate of Interest
: 3.75% [spread] above Andhra Bank prime lending rate further the bank
reserves the right to vary rate of interest from time to time. Margin : 40% |
|
5) Name and Address and description of the person entitled to the
charge. |
Andhra Bank, |
|
6) Date and brief description
of instrument modifying the charge |
Composition agreement dated 27.09.2005 |
|
7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
The amount of charge over hypothecation assets as mentioned in Col No.
3 is above stands reduced from Rs. 66.621 millions to Rs. 25.500 millions to
secure following credit facilities granted to the company. Secured overdraft
against Real Estate of Rs. 25.000 millions and Bank Guarantee of Rs. 0.500
million. Rate of interest shall be charged as per bank’s prescribed
rules. Other terms and conditions
remains the same. |
WEBSITE DETAILS :
The Subject’s
Subject is
organized as a process-oriented company, around three pillars of excellence:
Staff Excellence:
This is the
inward-looking process focused on human resources. The mandate of the Staff
Excellence group is to ensure that suitably trained, top-notch staff is always
available to fully meet the requirements of the Operations Group.
Program Excellence:
This is the
outward-looking process focused on Client Success. The mandate of the Program
Excellence Group is to achieve the highest client satisfaction levels in the
industry and to earn the status of being the most preferred partner of its
clients.
Operational Excellence:
This is the glue
that binds both the processes together. The mandate of the Operational
Excellence group is to become the acknowledged industry leader in terms of
efficiency, profitability and service quality, as evidenced by industry
benchmarks.
Services
Inbound services
Outbound Services
Web Services
BPO
Alliances
In May 2003,
subject entered into a strategic alliance with
CoVantage's search for a contact center in
With over 3200-customer care specialties employed at nine facilities in the
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.90 |
|
|
1 |
Rs.80.78 |
|
Euro |
1 |
Rs.55.18 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|